Topic: Fayetteville Shale

Southwestern Slashes $1.4B from Budget

Southwestern Energy (NYSE: SWN) has taken an axe to their 2016 capital budget expecting to spend $350 to $400 million in 2016 down from $1,828 in 2015. The company is aiming to spend within cash flow during the year and has only 5% of production headed for 2016. Production will fall within the range of 815 to 835 Bcfe down ~15% from 2015 production. There are no plans for rigs to be running this year with zero wells to be...

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Less Volatility and +0.4% More Rigs This Week

The Baker Hughes (BHI) US land rig count improved this week by adding 3 rigs, bringing the count to 844 rigs from last week's 841 rigs (a 0.4% increase). For the week, -2 horizontal rigs were dropped while +4 vertical rigs and +1 directional rig were added. Fayetteville saw the most action, adding +2 rigs and bringing the count to 8 rigs from last week's 6 rigs. There was also activity in the miscellaneous category adding +6 rigs, half of which were horizontal and...

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Gas Plays Show Stability but Land Rig Declines -3.5% to 1243

The Baker Hughes US Rig Count for land rigs has declined slightly this week -3.5% to 1243 rigs with 42 of the 45 rigs released being horizontal.The Mississippian has continued to drop rigs, bringing the count down to 48 rigs this week, losing -6 rigs or -11.1% compared to last week. Of the 6 rigs dropped 5 of them were horizontal and had depths of less then 10K.The Williston Basin fell -5 rigs or -3.9% compared to last week to...

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